The intelligent document processing market is expected to grow from US$ 1,022.73 million in 2021 to US$ 8,045.81 million by 2028, with an estimated CAGR of 34.6% from 2022 to 2028.
The intelligent document processing market growth is bolstered by numerous factors, such as rising initiatives to digitalize content across diverse enterprises and growing adoption of cloud document processing solutions. Furthermore, the increasing adoption of automated tools in the work processes by SMEs, particularly in developing economies, is offering lucrative opportunities to the intelligent document processing market.
MARKET DYNAMICS
Intelligent document processing solutions are gaining a foothold among large enterprises and SMEs in developing countries as well as emerging economies. The market players are continuously experiencing substantial demand for their products. Also, several governments are emphasizing on procuring the software to benefit text mining and data segregation. It is expected that by the end of the forecast period, the volume of unstructured data would be exponential, and end users would seek an advanced document processing tool or platform to analyze critical and meaningful insights. With an aim to enhance business processes, industries such as BFSI, retail, healthcare, manufacturing, telecommunication, and transportation would demand continuous upgrades of their document processing software through professional service or managed service, which is anticipated to create a significant growth opportunity for the intelligent document processing market players.
MARKET SCOPE
The "Global Intelligent Document Processing Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on global market trend analysis. The report aims to provide an overview of the intelligent document processing market with detailed market segmentation by component, deployment, enterprise size, and industry. The global intelligent document processing market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the intelligent document processing market.
Strategic Insights
MARKET SEGMENTATION
The global intelligent document processing market is segmented based on component, deployment, enterprise size, and industry. In terms of component, the intelligent document processing market is segmented into solutions and services. Based on deployment, the intelligent document processing market is bifurcated into on-premise and cloud. Further, in terms of enterprise size, the market is segmented into SMEs and large enterprises. Based on industry, the intelligent document processing market is segmented into BFSI, government, retail & e-commerce, IT & telecom, healthcare, manufacturing, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global intelligent document processing market based on various segments. It also provides market size and forecast estimates from 2019 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. Each region's intelligent document processing market is later subsegmented into respective countries and segments. The intelligent document processing market report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in the region.
From the regional perspective, North America is expected to hold the largest share of the intelligent document processing market. The market in North America is segmented into the US, Canada, and Mexico. Across North America, technological advancements have led to highly competitive markets. North America is one of the fastest-growing regions in terms of technological development. In the past five years, the region has witnessed significant adoption of technologies, which has resulted in the growth of the intelligent document processing market. The US is a developed country in terms of modern technology and infrastructure. The US manufacturing sector is one of the largest in the world, which accounted for about US$ 2.33 trillion in 2018, as per the Bureau of Economic Analysis. The country witnessed a shift toward a service-based economy. This shift can be attributed to several factors, including growth of the BFSI sector and surge in the healthcare sector, owing to increasing healthcare costs. However, the US manufacturing industry is expected to grow at a faster rate in the coming years due to favorable factors such as increased productivity, owing to the presence of new technologies; decrease in gas prices; rise in labor costs in emerging markets; and better protection available to companies regarding their intellectual property.The below figure showcases the revenue growth trend in the global intelligent document processing market:
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Source: The Insight Partners Analysis
The report analyzes factors affecting the intelligent document processing market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis, highlighting the factors affecting the intelligent document processing market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic benefited the intelligent document processing industry. Businesses started facing new challenges due to the pandemic and the development of remote work environments. According to a World Bank survey of policy responses to the pandemic, at least 58 governments in developing countries shifted toward digital transformation. Further, the emergence of the pandemic in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies collapsed due to the rising number of COVID-19 cases. As a result, the public healthcare emergency will require the governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period. Many companies now operate their businesses on online platforms due to the hybrid work model conditions. Therefore, the demand for intelligent document processing is increasing due to the COVID-19 pandemic and is also set to increase during the forecast period to ensure more safety and proper record for future reference.
MARKET PLAYERS
The reports cover key developments in the intelligent document processing market such as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies activities witnessed in the intelligent document processing market were acquisitions, and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players are anticipated to have lucrative growth opportunities in the future with the rising demand for intelligent document processing solutions. Below is a list of a few companies engaged in the intelligent document processing market.
The report also includes the profiles of key intelligent document processing market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key development in the past five years.
- ABBYY
- IBM Corp
- Kofax Inc.
- Datamatics Global Services Limited
- Appian
- WorkFusion, Inc.
- Parascript
- Open Text Corporation
- Hyland Software, Inc.
- Extract Systems
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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